Jack up and semi-submersible rig options look promising for Eco Atlantic – Colin Kinley

Image of a Jack Up Rig

Eco (Atlantic) Oil and Gas’ Chief Operating Officer Colin Kinley said that both jack up and semi-submersible drilling targets in the Orinduik block offshore Guyana reflect very positive economics for development.

Kinley said, “Exxon’s Longtail-1 discovery in the Stabroek Block, further inboard of the Liza field, further demonstrates the world class significance of this region of the Guyana/Surinam Basin.”

He added, “Eco’s location along the slope is defining leads now in similar sands and within the same age formation that are in 70 to 300 meters of water. That means both Jack-up Drilling targets (<100m water) and Semisubmersible (<500m water) drilling. Both reflect very positive economics for development.”

The group said it had nearly completed the interpretation and processing of 3D seismic survey data at its Orinduik Block and had received the Pre-Stack Depth Migration (PSDM) data and this week should receive the conditioned PSDM data from Tullow Oil PLC.

Eco Atlantic added that all the data it received date has already been delivered to French oil major Total. Eco anticipates that the final batch of data would be delivered to Total E&P Activitiés Pétrolières for analysis in the coming weeks. The final report is expected to be delivered in August, said Eco.

According to the company, Total currently has an option agreement with Eco to acquire a 25% working interest in the Orinduik Block from Eco Guyana within 120 days of the final delivery of the 3D seismic survey data report. Eco Atlantic is currently partnering with Tullow Oil Plc on the Orinduik block. Tullow Oil has a 60% stake in the venture alongside Eco with 40%.

A jack up rig is an offshore drilling rig that has ‘legs’ which are lowered to the seabed from the operating platform, usually in shallow waters up to 400 feet. Semisubmersibles rigs, unlike jack ups, float on pontoons and do not rest on the sea floor. They are used in water depths of up to 10,000 feet. Drill ships are used in deepwater and ultra-deepwater wells with depths of 12,000 feet. ExxonMobil is using drill ships such as Stena Carron and Noble Bob Douglas to do both exploration and production drilling in the Stabroek Block offshore Guyana.